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MARKET COMMENTARY

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Monetary Policy Update

Apr 6, 2017

1:46 pm

Repo rate unchanged at 6.25% The Reserve Bank of India today decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25% which was decided unanimously by all the 6 members. The decision was consistent with maintaining a neutral stance on monetary policy and achieving a medium-term target for CPI…

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Performance Attribution Quarter and Year Ending Mar-17

Apr 5, 2017

2:54 pm

A Reversal of Fortunes The reversible is ironic. In past years, FIs have been attributed as the smart money that bought the bottom while retail, the dumb money that capitulated at the worst times. Recent experience suggests otherwise. FIs exited the market en masse in the great rotation of year end 2016, elated by a…

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Thoughts on Valuations & Markets

Mar 21, 2017

5:01 am

Summary Valuation & Growth Nifty & CNX 500 Earnings Trends Sectoral Analysis Global Trump Promises Falling Like Dominoes Valuations and Global Recovery The Ides of March notwithstanding, nor earnings, nor the Fed and elections, equity markets have surged to new highs. Back in late November, we wrote that equities were at historically low valuations on…

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Teenagers and Senior Citizens

Mar 6, 2017

1:43 pm

Summary Economy Inflation is Rising Worldwide Key Areas Still Ailing in the Domestic Economy Outlook Moving to Neutral Bias on G-sec Rates Outlook unchanged on Equities If you aren’t confused, you aren’t doing it right – Howard Marks, Oaktree Capital Management Teenagers & Seniors Howard Marks from Oaktree Capital recently visited India and called the…

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